BP has been granted a lease extension at the Bulwer Island facility at the Port of Brisbane to secure additional storage under Queensland’s fuel security plan.
The lease extension allows bp to activate a $100 million investment to refurbish five idle storage tanks.
This will deliver 54 million litres of additional storage of diesel, gasoline and aviation fuels.
Premier David Crisafulli said fast tracking the lease extension formed part of the Government’s fuel security plan for Queensland.
“We are restoring our ability to drill, refine and store, to ensure we are never again at the mercy of foreign conflicts,” he said.
“As part of Queensland’s Fuel Security Plan we will continue to deliver short, medium and long-term solutions.”
Minister for Natural Resources and Mines Dale Last said the bp announcement was proof of what could be achieved from a strong commitment to restoring fuel sovereignty.
“Well before this crisis began, we met with bp to secure a long-term plan for the future of the Bulwer Island facility,” Mr Last said.
“We recognised the importance of the project and as a result were able to fast-track bp’s lease extension, providing the company with the certainty to invest.”
bp Country President Paul Augé said the lease extension would help increase fuel storage at the facility.
“The lease extension…gives bp the certainty and confidence we need to unlock investment and progress our plans to increase fuel storage for Queensland businesses, tourism and vital industries by 20 percent,” he said.
Initial works will start in 2027, with a planned completion in early 2029.
